(a)

1. (1) It is understood and agreed that any changes to the original application must be submitted to the Arkansas Development Finance Authority in writing for review and approval.
2. (2) A processing fee of five hundred dollars ($500) must be submitted with each change request per project.
3. (3) The type of change will require different documentation and time frames for submission.
4. (4) The authority has categorized the changes that require additional time and additional documentation below.
5. (5) A general change request will require a written explanation explaining the reason for the change and accompanied with any required documentation as outlined in I.R.C. § 42 as it relates to the change.

(b)

1. (1) Change requests must be submitted to the authority prior to implementing the change.
2. (2) If the change has already been completed prior to the authority’s approval an additional five hundred dollars ($500) will be required for late submission and not obtaining the authority’s prior approval to implement the changes.

3. (3)

   1. (A) If the changes were implemented prior to the authority’s approval due to circumstances that required immediate action, the authority will consider a waiver of the five hundred-dollar late submission fee.
   2. (B) An example would be replacement of a management company that did not provide advance notice that they were removing themselves as the managing agent or any immediate project changes due to illegal activities.